Dragonfly Acquires Crypto Hedge Fund MetaStable Capital, Rebrands

Dragonfly has acquired renowned cryptocurrency hedge fund MetaStable Capital, which has been operating since 2014. The crypto investment firm also completed a rebranding and dropped "Capital" from its name.

According to a Medium blog posted Monday, Dragonfly adopted a new logo and a new aesthetic for its website which will feature "less Patagonia, more ASCII."

The blog also added that MetaStable Capital, co-founded in 2014 by Naval Ravikant, ranks among the oldest crypto hedge funds and had invested early in Ethereum, Avalanche, Cosmos, NEAR, Zcash, Filecoin, Dfinity, Algorand and blockchain scalability company Starkware.

The amount involved in the acquisition remains undisclosed.

The data tracked by Bloomberg confirmed that as of July 31, MetaStable Capital had over $400 million in assets under management (AUM). Also, Dragonfly Managing Partner Haseeb Qureshi was once ranked among the general partners of the crypto hedge fund.

"It's hard to build the future when you look like the past," Qureshi wrote in the Medium post. "That's why we're changing the way Dragonfly looks and feels. We're dropping the 'Capital' from our name, and our new look is more crypto-native, inspired by the hackers and weirdos (we say with love!) who have built this industry from the ground up."

Dragonfly, which is also a part of The Blockchain Association, had recently raised over $650 million for its new investment fund, according to CoinDesk. The fund will be focused on supporting blockchain and crypto companies and the creation of "new digital economies."

Dragonfly pointed out two major changes that it is bringing.

"First, our global approach, because crypto is not like web2. It's been a fundamentally global phenomenon from day one," it said. "Second, our deep technical experience, because crypto is driven forward by technological breakthroughs."

The investment firm also pointed out that "an investment approach that doesn't understand the underlying technology is always going to be shallow. That's why much of our team is composed of technologists, hackers, and researchers."